Russia’s gross domestic product shrank 4% in the second quarter of this year, the first full quarter since Russia sent troops to Ukraine, the state statistics service said on Friday.
Russia has been hit by a slew of sanctions from Western countries after entering Ukraine on February 24, including sanctions cutting some Russian banks from the SWIFT international remittance system and a significant exodus of foreign companies.
The Rosstat service report did not analyze why GDP was lower this year than in the same quarter of 2021. However, it said wholesale fell by 15.3% and retail by 9.8%.
Russia had reported sizeable GDP gains in the first quarter of 2022 and the last three quarters of 2021.
Comments are closed.